Market Perspective

May 2025
 BSE Sensex EPS Growth
Last 5 Years Trend (as on 30th April 2025)

BSE Sensex BSE Sensex BSE Sensex P/E BSE Sensex P/B BSE Sensex ROE
Month End
Levels EPS (INR) Trailing (x) Trailing (x) Trailing (%)
Apr 2025 80242 3363 23.9 3.6 15.1
Apr 2024 74483 3172 23.5 3.7 15.6
Apr 2023 61112 2676 22.8 3.4 14.9
Apr 2022 57061 2338 24.4 3.5 14.3
Apr 2021 48782 1756 27.8 3.3 11.8
Apr 2020 33718 1522 22.2 2.6 11.9

BSE Sensex EPS BSE Sensex BSE Sensex TRI

17.2% 18.9% 20.3%

Last 5 Years
CAGR CAGR CAGR

121% Absolute Growth 138% Absolute Growth 152% Absolute Growth

Data Source: MOSL, Internal research of WhiteOak Capital. EPS = Earning Per Share (Trailing Twelve Month, Consolidated). P/E = Price to Earning, P/B = Price to Book. 2
Past performance may or may not be sustained in future and is not a guarantee of any future returns. Index performance does not signify scheme performance.
 Relationship: Nominal GDP, Corporate Earnings and
BSE Sensex Returns (FY’93 to FY’25)
90000 3500

80000
3000
FY93-FY25:
70000 + Dividend
11.7% CAGR
Yield
2500
60000
BSE Sensex Levels

BSE Sensex EPS

50000 FY93-FY25: 2000
12.4% CAGR FY93-FY25:
12.3% CAGR
40000 1500

30000
1000
20000

500
10000

0 0

BSE Sensex EPS (INR) BSE Sensex Index

Data Source: MOSL, Bloomberg, Internal Research of WhiteOak Capital. Past performance may or may not be sustained in future and is not a guarantee of any future returns. Index 3
performance does not signify scheme performance.
 Valuations Perspective
During various historical Market Cycles
(x) Nifty 1yr fwd consensus PE 10year Average
25
Current PE
23 20.1x
21
19 10yr Average PE:
17 18.3x
15
13
11
9
7
5

Apr-14

Apr-16
Apr-05

Apr-06

Apr-07

Apr-08

Apr-09

Apr-10

Apr-11

Apr-12

Apr-13

Apr-15

Apr-17

Apr-18

Apr-19

Apr-20

Apr-21

Apr-22

Apr-23

Apr-24

Apr-25
Metrics FY05 - FY08 FY09 – FY13 FY14 - FY17 FY18 – FY20 FY21 - FY22 FY23 - FY25E
India GDP 6% in FY14 rising back to 8% Slowed down to 7% in FY18, COVID impact led to negative - 7%+ growth path with GDP
Nearly 8% throughout 7% CAGR from FY09 to FY13
growth in FY16 and FY17 ending at 4% in FY20 6% in FY21 and +10% in FY22 rising at 8.2% in FY24

Average GFCF Period average: 22% Period average: 14% Period average: 7% Period average:10% Period average:12% Period average:14%

20%+ growth across 9% in FY09 and +11% across Single digit growth across Decline of 6% in FY21 followed Share of Capex in GDP rising as
growth (%) Slow down to 3% in FY20
years all other years FY14 – 16and 10% in FY17 by 30% growth in FY22 capex upcycle underway

Nifty earnings CAGR (%) 25%+ ~9% 3% -4% ~19% ~11%

CPI Inflation (Avg. annual) Around 5% Rises to nearly 10% Falls to nearly 6% Further falls to less than 4% Increases to nearly 6% Declining to 4.6% in FY25E
INR/USD (CAGR) Appreciation 3% Depreciate 6% Depreciate 5% Depreciate 4% Depreciate 1% Depreciate 4%

Data as on 30th April 2025. 4

Data Source: MOSPI, Bloomberg, Jefferies. Past performance may or may not be sustained in future and is not a guarantee of any future returns. GFCF: Gross Fixed Capital Formation
 Valuations Perspective
Sensex Forward P/E 1,2 Sensex Forward P/B 1,2
30 5.0

25 Average since 4.0 Average = 2.7x

2014: 20.7x
Average since 2014: 2.9x
20 20.5 x
Average=17.7x 3.2 x
3.0
15

2.0
10

5 1.0
Apr-93

Apr-97

Apr-01

Apr-05

Apr-09

Apr-13

Apr-17

Apr-21

Apr-25

Apr-01
Apr-93

Apr-97

Apr-05

Apr-09

Apr-13

Apr-17

Apr-21

Apr-25
India’s historical SMID vs Large Cap stocks premium % (on 12 m Fwd PE)
40% 35.4%
30% 26.3%
20% 21.7%

10%
0%
-10% Average: -0.8%

-20%
-30%
-40%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Data as on 30th April 2025. 5

Data Source: MOSL, Bloomberg,. Past performance may or may not be sustained in future and is not a guarantee of any future returns. GFCF: Gross Fixed Capital Formation
 Domestic Equity Valuation: Key Parameters
Historical Trend v/s Long Period Average, as on 30th April 2025

Expensive Equity Market Valuation

5.00 (Allocate Less in Equity) 2.30
Expensive Equity Market Valuation
4.50 2.10 (Allocate Less in Equity)
1.90
4.00 1.65
3.49 1.70
3.50
1.50

3.00 1.30 1.52

3.22 1.10
2.50 Attractive Equity Market Valuation Attractive Equity Market Valuation
Adjusted Price to Book Ratio (Allocate more in Equity) 0.90
(Allocate more in Equity)
2.00
Yield Ratio
0.70

1.50 0.50

Apr'11

Apr'13

Apr'15
Apr'10

Apr'12

Apr'14

Apr'16

Apr'17

Apr'18

Apr'19

Apr'20

Apr'21

Apr'22

Apr'23

Apr'24

Apr'25
Apr'13
Apr'10

Apr'11

Apr'12

Apr'14

Apr'15

Apr'16

Apr'17

Apr'18

Apr'19

Apr'20

Apr'21

Apr'22

Apr'23

Apr'24

Apr'25
Adj. Price to Book Ratio (x) Long Period Average (10Y Rolling) Yield Ratio (G-Sec Yield / Earning Yield) Long Period Average (10Y Rolling)

o A very high Ratio of G-Sec Yield/ Earning yield of Index and Adjusted P/BV compared to long term average,
indicates higher model value (Expensive Equity Market Valuation), may result in lower equity allocation

o A very low Ratio of G-Sec Yield/ Earning yield of Index and Adjusted P/BV compared to long term average,
indicates lower model value (Attractive Equity Market Valuation), may result in higher equity allocation

Data Source: MOSL, Bloomberg and Internal Research. The parameters mentioned above are indicative only. The AMC may add other parameters and change the weightages based on the
prevailing market conditions. This internal proprietary model may go through periodic revision (as and when required), resulting in addition or deletion of parameters and the weightages 6
assigned to them.
 May 2025 Update
FIIs Flow: Relative Data with Historical References (Data as on 30-April-2025)

One of the highest outflows in absolute terms, but the true picture is reflected
by the percentage of average market capitalization and FII holdings!

FII ownership of BSE 500 BSE 500 Index

Start Date End Date Event FII Outflows Avg Market Outflow as % of BSE 500 Index
(12 Months from
(in $ Bn) Cap (in $ Bn) Avg Market Cap From To
(Peak to Trough)
Trough)

Jan-08 Mar-09 Global Financial Crisis -15.4 ~1,000 -1.5% 16.0% 13.2% -66.0% 127.6%

Jul-11 Oct-11 US Credit Rating Downgrade -2.7 ~1,315 -0.2% 15.3% 15.5% -13.1% 18.6%

Jun-13 Sep-13 Taper-Tantrum -3.7 ~1,033 -0.4% 19.5% 19.4% -10.1% 59.7%

Apr-15 Feb-16 Yuan Devaluation -7.8 ~1,500 -0.5% 20.7% 21.4% -16.4% 32.5%

Oct-16 Jan-17 Fed Hikes / Demonetisation -5.3 ~1,604 -0.3% 21.6% 21.3% -10.8% 43.0%

Apr-18 Nov-18 NBFC Crisis -7.9 ~2,139 -0.4% 20.6% 20.3% -7.8% 15.1%

Jun-19 Sep-19 Slowdown -5.0 ~2,007 -0.2% 21.1% 20.8% -10.0% 10.0%

Feb-20 Apr-20 Onset of Covid-19 -10.6 ~1,669 -0.6% 21.2% 19.8% -37.3% 98.8%

Nov-21 Jul-22 Geo-political worries -34.9 ~3,315 -1.1% 20.5% 18.1% -16.7% 24.7%

Sep-24 Mar-25 Trump Tariff War -25.3 ~5,000 -0.5% 18.5% 18.1% -18.7% ??

All the numbers above are approximate. Source: Factset and internal research of WhiteOak Capital, Yes Securities. For information purpose only. Returns upto 1 year are absolute and more than 1
year are CAGR. WhiteOak Capital Mutual Fund/ WhiteOak Capital Asset Management Limited is not guaranteeing or assuring any returns on investments in the above mentioned indices. Before
making any investments, the readers are advised to seek independent professional advice, verify the contents in order to arrive at an informed investment decision. Past performance may or
may not be sustained in future and is not a guarantee of any future returns. Index performance does not signify scheme performance.
 Historical FIIs v/s DIIs Flows
Calendar Year Wise

DII (USD b) FII (USD b)

62.9

29.3
24.5 23.4
21.4
20.0
17.8 17.6
32.2 16.2
14.2
25.1 10.8
22.3 8.1 7.7
16.9
14.015.9 12.1
3.3 2.9 3.8
10.2
5.4 5.3 5.9 5.3 6.0
3.1 3.7
(0.5) (0.8)
(4.6)
(4.7) (4.9) (5.0)
(12.2) (12.3)
(10.9)
(13.0)
(17.0)
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025
8
Data Source: MOSL, Internal research of WhiteOak Capital. Data for calendar year 2025 as on 30th April 2025.
 Trends in Forex and Commodities Market

Against USD
As of Month End 3 Month Ago 1 Year Ago Last Year End (Dec 2024)
India - Rupee 84.6 86.5 83.5 85.6
US Dollar Index 99.5 108.4 106.2 108.5
Euro 0.88 0.96 0.94 0.97
Pound Sterling 0.75 0.81 0.80 0.80
Japanese Yen 143.07 155.18 157.80 157.18
Chinese Yuan 7.27 7.25 7.24 7.30
Canadian Dollar 1.38 1.45 1.38 1.44
Australian Dollar 1.51 1.50 1.59 1.53

AS of month end 3 Months Ago 1 Year Ago Last Year End ( Dec 2024) CYTD Performance
Gold 93,928 81,798 70,415 75,913 23.73%
Brent Crude 63 77 88 75 -15.43%
Silver 93,975 93,196 79,950 85,851 9.46%
Aluminum 235 252 241 242 -3.14%
Copper 839 832 869 798 5.12%
Zinc 252 268 263 284 -11.43%

9
Data Source: Internal research of WhiteOak Capital. Data as of 30th April 2025.
 Movement in 10 Year G-Sec Yields

8.5
7.5
6.5
5.5
4.5
3.5
2.5
1.5
0.5
Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25

India US Japan UK Germany

As of Month End 3 Month Ago 1 Year Ago Last Year End (Dec 24)
India 6.4 6.7 7.2 6.8
US 4.2 4.5 4.7 4.6
Japan 1.3 1.2 0.9 1.1
UK 4.4 4.5 4.4 4.6
Germany 2.4 2.5 2.6 2.4
10
Data Source: Internal research of WhiteOak Capital. Data as of 30th April 2025.
 FII Flows in Various Countries (US$ mn)
Flows in the cash markets

Year India Brazil Indonesia Malaysia Philippines S.Korea Taiwan Thailand Vietnam
2010 29,321 3,630 2,396 4,814 1,225 19,823 9,364 2,689 795
2011 (512) (545) 2,956 654 1,331 (8,542) (9,066) (164) 60
2012 24,548 1,159 1,712 4,432 2,558 15,084 4,913 2,503 160
2013 19,754 5,514 (1,806) 1,135 678 4,875 9,188 (6,210) 263
2014 16,162 9,080 3,766 (2,012) 1,256 5,684 13,190 (1,091) 135
2015 3,274 5,783 (1,580) (5,062) (1,194) (3,626) 3,344 (4,372) 95
2016 2,903 3,949 1,259 (628) 83 10,480 10,956 2,240 (356)
2017 7,951 4,470 (2,960) 2,456 1,095 8,267 5,736 (796) 1,082
2018 (4,617) (3,056) (3,656) (2,885) (1,080) (5,676) (12,182) (8,913) 1,826
2019 14,234 (11,015) 3,465 (2,683) (240) 924 9,590 (1,496) 182
2020 23,373 (9,680) (3,220) (5,782) (2,513) (20,082) (15,605) (8,287) (879)
2021 3,761 (1,172) 2,688 (767) (5) (23,009) (15,865) (1,632) (2,724)
2022 (17,016) 19,384 4,267 1,096 (1,245) (9,665) (44,354) 5,960 966
2023 21,427 9,222 (353) (514) (863) 10,705 6,933 (5,507) (807)
2024 (755) (6,565) 1,154 (942) (408) 2,426 (18,221) (4,132) (3,178)
2025 (12,286) 1,428 (3,063) (2,659) (264) (12,264) (18,459) (1,605) (1,516)
Apr'24 (1,097) (2,186) (1,141) (288) (412) 1,794 (4,828) 108 (129)
May'24 (3,023) (306) (881) 314 (174) (676) 2,708 (455) (583)
Jun'24 3,111 (805) (92) (13) (104) 3,821 1,773 (950) (564)
Jul'24 3,347 645 411 282 60 1,240 (11,562) (47) (324)
Aug'24 1,393 1,828 1,847 587 143 (2,078) (2,519) (170) (131)
Sep'24 5,944 (295) 1,418 110 346 (5,727) (2,297) 867 (94)
Oct'24 (10,428) (453) (719) (413) 22 (3,404) 1,130 (845) (395)
Nov'24 (2,680) (520) (1,063) (699) (349) (3,203) (8,045) (398) (468)
Dec'24 1,321 147 (313) (637) (103) (1,530) 708 (308) (89)
Jan'25 (8,418) 1,158 (229) (702) (114) (1,002) (1,261) (330) (255)
Feb'25 (5,353) 133 (1,111) (495) (145) (2,846) (3,884) (195) (375)
Mar'25 234 555 (490) (1,045) 50 (1,461) (13,144) (647) (374)
Apr'25 1,250 (419) (1,233) (417) (54) (6,955) (170) (432) (512)
Source: Bloomberg, KIE. For information purpose only. Past performance may or may not be sustained in future and is not a guarantee of any future returns. 11
Data as on 30th April 2025.
 May 2025 Update
Key Sectoral and Market Cap Indices Performance (%) (Data as on 30-April-2025)
Index Name From 52 Week High CYTD 2025 1 Year 2 Year 3 Year 5 Year 10 Year 15 Year
Nifty 50 TRI -6.8 3.2 9.0 17.4 13.8 21.2 12.9 12.1
Nifty 100 TRI -8.5 1.7 7.2 19.0 13.7 21.2 13.0 12.3
Nifty Midcap 150 TRI -11.5 -5.9 5.7 29.6 21.8 32.0 17.9 16.1
Nifty Smallcap 250 TRI -17.4 -13.4 -2.4 28.5 18.2 34.5 14.7 13.2
Nifty 500 TRI -9.8 -1.3 5.9 21.4 15.3 23.6 13.8 12.6
Nifty Microcap 250 TRI -20.6 -16.2 0.4 37.1 26.0 46.6 20.2 17.4
Nifty200 Value 30 TRI -12.7 1.1 -0.8 38.8 32.2 40.2 15.7 13.1
Nifty 200 Momentum 30 Index TRI -22.9 -10.6 -9.3 24.1 15.7 23.8 18.0 18.4
Nifty 200 Quality 30 Index TRI -15.0 -4.3 7.3 18.1 13.4 19.1 13.0 15.0
Nifty Energy TRI -22.8 -2.1 -14.0 21.7 7.5 23.4 17.5 11.4
Nifty Realty TRI -22.8 -15.8 -8.7 41.4 26.3 36.8 16.3 5.1
Sorted basis on % change from 52 Week

Nifty IT TRI -21.6 -16.8 10.4 15.9 6.4 22.8 14.8 14.8
BSE Utilities TRI -21.6 -1.2 -8.9 36.7 11.7 32.6 15.8 8.2
High Levels for Sectoral Indices

BSE Consumer Discretionary TRI -19.3 -9.4 -0.7 25.7 17.4 25.9 14.5 14.0
Nifty Auto TRI -19.1 -2.3 0.0 30.9 27.3 31.6 11.6 15.0
Nifty PSU Bank TRI -18.2 0.0 -13.4 26.1 35.0 38.7 7.2 5.1
Nifty PSE TRI -17.0 1.3 -2.4 45.5 33.6 35.3 14.5 9.7
Nifty Oil & Gas TRI -16.6 4.6 -4.5 23.1 11.9 22.2 17.0 12.7
Nifty Metal TRI -15.8 -0.8 -5.8 22.2 11.8 37.7 15.9 6.1
Nifty FMCG TRI -14.1 0.0 6.1 10.3 15.9 16.6 13.0 16.2
Nifty India Manufacturing TRI -14.1 -2.2 4.8 28.0 19.6 29.1 13.4 12.4
Nifty India Defence TRI -13.6 10.2 32.8 76.9 67.1 68.8 -- --
Nifty Commodities TRI -12.9 5.2 -2.3 22.3 12.2 27.7 14.6 9.2
Nifty Capital Markets TRI -11.3 -7.1 36.6 79.3 35.5 39.9 -- --
NIFTY100 ESG TRI -9.7 0.8 7.8 20.1 12.3 21.2 13.6 --
Nifty Infrastructure TRI -9.0 4.0 3.3 29.0 20.6 27.6 12.3 7.8
Nifty Healthcare TRI -6.6 -5.8 18.0 33.1 19.4 21.1 9.0 13.8
Nifty Financial Services TRI -1.9 11.1 20.8 17.8 17.3 20.7 14.3 14.5
Nifty Private Bank TRI -1.3 10.8 12.8 12.8 15.2 19.1 11.4 14.5
Nifty Bank TRI -1.0 8.3 12.5 13.8 16.1 21.4 12.3 13.0
Source: MFIE and internal research of WhiteOak Capital. For information purpose only. Returns upto 1 year are absolute and more than 1 year are CAGR. The sector(s) mentioned in this slide do not constitute any
recommendation and WhiteOak Capital Mutual Fund may or may not have any future position in this sector(s). WhiteOak Capital Mutual Fund/ WhiteOak Capital Asset Management Limited is not guaranteeing or assuring
any returns on investments in the above mentioned sector(s). Before making any investments, the readers are advised to seek independent professional advice, verify the contents in order to arrive at an informed
investment decision. Past performance may or may not be sustained in future and is not a guarantee of any future returns. Index performance does not signify scheme performance.
 May 2025 Update
Key Sectoral and Market Cap Indices Performance (%) (Data as on 30-April-2025)
Since Since Since Since 52
Index Name CYTD 2025 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 5 Years 10 year 15 year
18-Oct-21 23-Mar-20 31-Dec-20 Week High
Nifty 50 TRI 3.2 9.3 27.0 15.0 -6.8 3.3 4.8 0.3 9.0 17.4 13.8 21.2 12.9 12.1
Nifty Next 50 TRI -4.9 11.8 28.7 18.1 -16.8 2.2 3.9 -7.9 0.1 28.5 15.7 22.7 14.1 13.7
Nifty 100 TRI 1.7 9.5 27.1 15.2 -8.5 3.1 4.7 -1.1 7.2 19.0 13.7 21.2 13.0 12.3
Nifty Midcap 150 TRI -5.9 15.5 36.8 24.8 -11.5 3.7 2.0 -4.8 5.7 29.6 21.8 32.0 17.9 16.1
Nifty Smallcap 250 TRI -13.4 13.7 38.7 24.8 -17.4 1.6 -1.4 -12.0 -2.4 28.5 18.2 34.5 14.7 13.2
Nifty100 Equal Weight TRI -0.4 11.5 30.3 18.6 -12.6 2.6 3.9 -4.0 3.8 24.8 16.0 24.6 13.1 12.3
Nifty 500 TRI -1.3 10.8 29.3 17.3 -9.8 3.1 3.6 -2.9 5.9 21.4 15.3 23.6 13.8 12.6
Nifty 200 TRI 0.5 10.4 28.4 16.6 -8.8 3.3 4.4 -1.5 7.1 20.7 14.9 22.7 13.5 12.5
Nifty Microcap 250 TRI -16.2 21.2 53.2 35.1 -20.6 1.2 -5.9 -13.8 0.4 37.1 26.0 46.6 20.2 17.4
Nifty200 Value 30 TRI 1.1 25.2 44.5 35.6 -12.7 0.7 6.3 -4.2 -0.8 38.8 32.2 40.2 15.7 13.1
Nifty 200 Momentum 30 Index TRI -10.6 9.1 29.8 20.4 -22.9 3.7 0.4 -15.3 -9.3 24.1 15.7 23.8 18.0 18.4
Nifty 200 Quality 30 Index TRI -4.3 8.8 24.0 13.6 -15.0 3.0 -1.1 -7.9 7.3 18.1 13.4 19.1 13.0 15.0
Nifty India Defence TRI 10.2 60.4 72.5 65.4 -13.6 10.8 16.4 12.7 32.8 76.9 67.1 68.8 -- --
Nifty Capital Markets TRI -7.1 23.4 43.0 32.8 -11.3 8.8 10.5 2.5 36.6 79.3 35.5 39.9 -- --
Nifty PSU Bank TRI 0.0 28.2 38.8 36.8 -18.2 4.2 5.0 -3.0 -13.4 26.1 35.0 38.7 7.2 5.1
Nifty PSE TRI 1.3 27.5 39.5 36.9 -17.0 2.2 6.7 -4.9 -2.4 45.5 33.6 35.3 14.5 9.7
Nifty Auto TRI -2.3 20.6 37.2 23.8 -19.1 4.5 -0.8 -5.4 0.0 30.9 27.3 31.6 11.6 15.0
Nifty Realty TRI -15.8 15.2 37.9 27.4 -22.8 3.8 -2.0 -11.5 -8.7 41.4 26.3 36.8 16.3 5.1
Nifty Infrastructure TRI 4.0 16.5 33.8 23.8 -9.0 3.6 7.0 0.3 3.3 29.0 20.6 27.6 12.3 7.8
Nifty India Manufacturing TRI -2.2 14.9 35.5 22.4 -14.1 2.9 3.2 -4.8 4.8 28.0 19.6 29.1 13.4 12.4
Nifty Healthcare TRI -5.8 14.1 28.6 16.1 -6.6 2.6 2.3 -0.9 18.0 33.1 19.4 21.1 9.0 13.8
BSE Consumer Discretionary TRI -9.4 12.0 30.0 18.1 -19.3 3.7 -0.8 -9.5 -0.7 25.7 17.4 25.9 14.5 14.0
Nifty Financial Services TRI 11.1 10.3 26.1 14.2 -1.9 3.9 13.0 8.8 20.8 17.8 17.3 20.7 14.3 14.5
Nifty Bank TRI 8.3 10.5 26.7 14.7 -1.0 6.4 11.7 6.3 12.5 13.8 16.1 21.4 12.3 13.0
Nifty FMCG TRI 0.0 11.0 21.2 14.4 -14.1 5.0 2.2 -4.7 6.1 10.3 15.9 16.6 13.0 16.2
Nifty Private Bank TRI 10.8 9.1 25.1 12.0 -1.3 6.3 13.1 8.1 12.8 12.8 15.2 19.1 11.4 14.5
NIFTY100 ESG TRI 0.8 7.9 27.3 14.5 -9.7 2.8 3.8 -2.0 7.8 20.1 12.3 21.2 13.6 --
Nifty Commodities TRI 5.2 10.8 33.4 22.1 -12.9 0.5 7.0 -3.7 -2.3 22.3 12.2 27.7 14.6 9.2
Nifty Oil & Gas TRI 4.6 10.6 30.0 19.5 -16.6 5.6 8.0 -1.0 -4.5 23.1 11.9 22.2 17.0 12.7
Nifty Metal TRI -0.8 10.8 42.7 26.9 -15.8 -5.3 3.4 -7.9 -5.8 22.2 11.8 37.7 15.9 6.1
BSE Utilities TRI -1.2 17.5 36.9 31.9 -21.6 1.0 6.7 -12.7 -8.9 36.7 11.7 32.6 15.8 8.2
Nifty Energy TRI -2.1 10.9 30.1 19.9 -22.8 1.9 4.3 -12.1 -14.0 21.7 7.5 23.4 17.5 11.4
Nifty IT TRI -16.8 1.6 28.0 11.5 -21.6 -2.7 -15.5 -13.4 10.4 15.9 6.4 22.8 14.8 14.8
Source: MFIE and internal research of WhiteOak Capital. For information purpose only. Returns upto 1 year are absolute and more than 1 year are CAGR. The sector(s) mentioned in this slide do not constitute any recommendation
and WhiteOak Capital Mutual Fund may or may not have any future position in this sector(s). WhiteOak Capital Mutual Fund/ WhiteOak Capital Asset Management Limited is not guaranteeing or assuring any returns on investments in
the above mentioned sector(s). Before making any investments, the readers are advised to seek independent professional advice, verify the contents in order to arrive at an informed investment decision. Past performance may or
may not be sustained in future and is not a guarantee of any future returns. Index performance does not signify scheme performance.
 May 2025 Update
Key Sectoral and Market Cap Indices Performance (%) (Data as on 30-April-2025)
Index Name CYTD 25 CY 2024 CY 2023 CY 2022 CY 2021 CY 2020 CY 2019 CY 2018 CY 2017 CY 2016 CY 2015 CY 2014 CY 2013 CY 2012 CY 2011 CY 2010 CY 2009 CY 2008 CY 2007
Nifty 50 TRI 3.2 10 21.4 5.7 25.6 16.1 13.5 4.6 30.4 4.4 -3 32.9 8.1 29.3 -23.9 19.2 77.6 -51.2 56.5
Nifty Next 50 TRI -4.9 28.1 27.3 1 30.9 15.9 1.6 -7.8 47.9 8.4 8.1 46.4 6 49.5 -31.2 18.9 130.5 -63 76.9
Nifty 100 TRI 1.7 12.8 21.3 5 26.5 16 11.8 2.6 33 5 -1.3 34.9 7.9 32.3 -25 19.3 84.9 -53 59.2
Nifty Midcap 150 TRI -5.9 24.3 44.7 3.9 48.2 25.5 0.6 -12.6 55.9 6.5 9.7 62.7 -1.3 46.4 -31.1 20.1 113.9 -64.8 77.8
Nifty Smallcap 250 TRI -13.4 27 49.2 -2.6 63.3 26.4 -7.3 -26 58.6 1.4 11.3 71.7 -6.4 40.2 -35.2 17.6 117.4 -68.5 96.9
Nifty 500 TRI -1.3 16.1 27 4.3 31.6 17.8 9 -2.1 37.8 5.1 0.2 39.3 4.8 33.3 -26.5 15.3 91 -56.4 64.2
Nifty Microcap 250 TRI -16.2 34.5 67.5 9.7 77.9 38.2 -23.5 -27 75.8 3.8 25.9 105.7 -5.2 43.7 -40.8 13.2 121.6 -74.8 113.2
Nifty100 Equal Weight TRI -0.4 17.4 30.8 2.4 34 17.4 3.6 -8.4 36.2 7.4 0.2 42.5 4.7 39.6 -29.2 17.8 120.9 -53.4 57.8
Nifty200 Value 30 TRI 1.1 22.5 63 25.3 48 4 -8.8 -18.4 35.5 24.1 -20.1 53.7 -10.8 45.3 -34 34.5 123.4 -48.4 87.2
Nifty 200 Quality 30 Index TRI -4.3 14.3 31.8 -4.4 26.2 26.2 5.6 8.8 30.4 1 2.4 40.5 19.6 31.2 -10.1 28.4 131 -49.9 50.2
Nifty 200 TRI 0.5 14.6 24.7 4.9 28.9 16.8 10 0.3 35.3 5.1 -0.8 37.3 5.9 33.4 -26.1 15.6 88.8 -56 65.2
Nifty Financial Services TRI 11.1 10.4 14.4 10.5 14.6 4.7 26.4 11.3 42.8 6.2 -4.5 59.1 -6.1 53.8 -28.4 31.3 91.3 -54.5 84.4
Nifty Private Bank TRI 10.8 0.4 14.7 22 4.9 -2.9 16.8 8.6 41.8 8.5 -2.4 69.5 -2 68.6 -24.8 36.8 104.6 -56.5 93.1
Nifty India Defence TRI 10.2 56 91.4 67 60.9 11.4 2.3 -- -- -- -- -- -- -- -- -- -- -- --
Nifty Bank TRI 8.3 6.2 13.3 22.2 13.9 -2.8 18.9 6.7 41.5 8.5 -9 66.2 -7.7 58.1 -31.8 32 83.5 -48.4 65.8
Nifty Commodities TRI 5.2 6.1 30.7 8.7 49.8 12.6 2.1 -13.5 38.4 27.4 -7.5 18.6 -6.7 -- -- -- -- -- --
Nifty Oil & Gas TRI 4.6 13.9 13.1 16.9 37.2 9.1 14.6 -7.5 43.1 26.2 1.8 26.3 3.7 13.5 -24.4 11.1 77.9 -50.6 109.7
Nifty Infrastructure TRI 4.0 16.7 40.2 7.5 37.8 14.3 4.5 -10.9 36.2 -0.9 -7.6 24.2 -2.8 22.9 -38.1 -3.3 40.9 -56.8 96.1
Nifty PSE TRI 1.3 23.3 82.5 18.4 44.5 -10.3 -1.4 -17.7 21.1 21.6 -9.3 37.8 -5.9 11.8 -30.2 -5.5 79.7 -49 86.3
NIFTY100 ESG TRI 0.8 12.7 23.4 -3 32.3 22.9 12.3 5.2 33.4 4.6 -0.9 34 10.9 35.3 -- -- -- -- --
Nifty PSU Bank TRI 0.0 15.2 33.4 74.9 44.8 -30.5 -18.3 -16.5 25 5.1 -32 69.9 -28.7 43.2 -41 36.5 77.5 -39.2 72.2
Nifty FMCG TRI 0.0 1.5 30.9 20.1 12.4 14.7 0.1 15.2 31.3 4.6 1.4 19.6 13.3 50.4 10.2 32.9 44.4 -17.8 25
Nifty Metal TRI -0.8 9.2 19.2 25.4 73.4 18 -9.6 -16.7 54.1 48.4 -29.4 8.4 -- -- -- -- -- -- --
BSE Utilities TRI -1.2 14.7 37.1 25.2 70.4 4.2 -4.4 -12.9 32.6 12.1 -2.4 23.1 -11.7 12.2 -33.5 -4.9 73.8 -55.5 155.4
Nifty Energy TRI -2.1 6.4 30.7 16.5 38.4 9.5 13.3 2.8 42.1 21.6 1.1 10.1 1.9 15.4 -28.3 4.8 63.5 -47.3 99.6
Nifty India Manufacturing TRI -2.2 25.8 35 5.3 37.4 24.7 -3.4 -14.9 32.8 7.6 3.1 47 7 29.2 -31 18.7 158.2 -61 55.6
Nifty Auto TRI -2.3 23.4 48.9 16.6 20.3 13 -9.4 -22.2 32.7 11.7 0.3 58.2 10.7 44.3 -17.9 37.5 197.7 -53.9 6.5
Nifty Healthcare TRI -5.8 41 34.1 -10.1 19.1 57.7 -5.9 -5.2 -1.9 -13.2 12.9 47.6 21.9 33.7 -11.8 36.6 71.4 -29.4 18.8
BSE Consumer Discretionary TRI -9.4 24.5 40.2 -0.6 30.7 21.4 -0.7 -15.1 55.8 5.8 8.9 55.6 -1.9 41.4 -21.6 13.7 109.2 -65.9 40.2
Nifty Realty TRI -15.8 34.5 82.2 -10.6 54.7 5.7 29.3 -32.5 111 -3.5 -14.4 10.8 -33.6 53.3 -51.4 -25.3 71.4 -82.5 73.3
Nifty IT TRI -16.8 24.2 26.4 -24.5 62.4 57.9 11 26 14.6 -5.3 1.6 20.1 60.2 -0.2 -17.1 30.8 167.6 -54.1 -11
Source: MFIE and internal research of WhiteOak Capital. For information purpose only. Returns upto 1 year are absolute and more than 1 year are CAGR. The sector(s) mentioned in this slide do not constitute any
recommendation and WhiteOak Capital Mutual Fund may or may not have any future position in this sector(s). WhiteOak Capital Mutual Fund/ WhiteOak Capital Asset Management Limited is not guaranteeing or assuring
any returns on investments in the above mentioned sector(s). Before making any investments, the readers are advised to seek independent professional advice, verify the contents in order to arrive at an informed
investment decision. Past performance may or may not be sustained in future and is not a guarantee of any future returns. Index performance does not signify scheme performance.
 Winners Rotate: Yearly Factor Leadership

^Part YTD Apr

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
2005 2025
Low Moment Moment Low
Quality Value Quality Value Quality Value Alpha Value Alpha Quality Alpha Quality Alpha Value Value Alpha Value
Volatility um um Volatility
131.0 34.5 -10.1 45.6 19.6 53.7 19.2 24.1 62.9 8.9 10.8 26.3 56.2 25.2 62.8 27.3 2.4
52.6 44.2 100.8 -42.3

Moment Low Moment Moment Moment Moment Moment Low Moment Low Moment Nifty Low
Alpha Alpha Value Value Quality Alpha Alpha Value
um Volatility um um um um um Volatility um Volatility um 500 Volatility
43.9 91.8 -48.5 123.4 28.4 16.1 57.5 22.5
41.8 -12.0 38.8 49.6 10.8 9.6 57.5 7.4 10.6 24.3 53.8 4.2 1.7

Low Low Low Moment Moment Low Nifty Moment Nifty Low Moment Moment
Alpha Value Quality Alpha Quality Alpha Alpha Value Nifty 500
Volatility Volatility Volatility um um Volatility 500 um 500 Volatility um um
40.9 87.7 -50.0 36.4 40.5 9.3 23.1 48.0 -0.6
43.3 92.9 25.5 -16.1 12.9 9.8 37.7 -1.7 9.0 2.0 41.7 21.2

Nifty Nifty Nifty Nifty Moment Nifty Low Nifty Moment Nifty Low Nifty
Quality Alpha Alpha Quality Value Nifty Quality Quality Quality
500 500 500 - 500 um 500 Volatility 500 um 500 Volatility 500
40.9 -18.6 40.4 2.4 35.4 500 -2.1 5.6 -4.4 -3.7
36.2 64.6 56.5 91.0 19.8 33.5 6.6 5.1 20.0 31.6 31.9 16.1

Nifty Moment Nifty Nifty Low Nifty Nifty Nifty Low Low Low Nifty Moment Momentu
Quality Quality Alpha Alpha Quality Quality Quality
500 um 500 500 - Volatility 500 500 500 Volatility Volatility Volatility 500 um m
31.9 50.5 70.3 -7.5 26.2 31.7 14.3
38.5 -60.0 15.3 26.4 32.1 4.8 39.3 0.2 3.1 30.3 5.2 17.9 -5.4 -9.6

Low Moment Low Low Nifty Low

Value Value Alpha Alpha Value Quality Value Value Quality Quality Value Value Value Alpha Alpha
Volatility um Volatility Volatility 500 Volatility
28.9 12.3 -68.2 12.7 -33.9 31.4 -10.8 -20.1 1.0 30.3 -18.5 -8.8 4.0 -8.8 -10.3
31.5 69.3 36.8 24.2 26.9 12.3

Ordered by performance (best to worst) for each Calendar Year. Source: MFI Explorer, Internal Research. Value = Nifty 200 Value 30 TRI, Momentum = Nifty 200 Momentum 30 TRI, Quality =
Nifty 200 Quality 30 Index, Alpha = Nifty 200 Alpha 30 TRI, Low Volatility = Nifty 100 Low Volatility 30 TRI. For Understanding purpose only. Past performance may or may not be sustained in 15
future and is not a guarantee of any future returns. Data as of April 30, 2025. ^Part 2005 = From 1st April 2005 (i.e. the base date of most of the factor indices mentioned above).
 Winners Rotate: Yearly Sectoral Leadership

YTD Apr
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
2025
Pvt Banks IT Services PSU Banks Pharma Metals Real Estate IT Services Real Estate Pharma Metals PSU Banks Real Estate Pharma Pvt Banks
68.6 60.2 69.9 9.7 48.4 111.0 26.0 29.3 61.5 73.4 74.9 82.0 39.7 9.7
Real Estate Pharma Pvt Banks Telecom Energy Metals FMCG Pvt Banks IT Services IT Services Metals Auto Real Estate Infra
53.3 27.3 69.5 3.3 21.6 54.1 15.2 16.8 57.9 62.3 25.4 48.8 34.5 5.3
FMCG Telecom Auto IT Services Auto Telecom Pvt Banks Telecom Metals Real Estate Pvt Banks Infra Telecom FMCG
50.4 18.6 58.2 1.5 11.7 51.2 8.6 14.4 18.0 54.7 22.0 40.1 26.0 0.8
Auto FMCG Pharma FMCG Pvt Banks Energy Energy Energy FMCG PSU Banks FMCG Pharma IT Services PSU Banks
44.3 13.3 44.4 1.4 8.5 42.1 2.7 13.3 14.7 44.8 20.1 34.8 24.2 0.2
PSU Banks Auto Infra Energy PSU Banks Pvt Banks Pharma IT Services Telecom Telecom Auto PSU Banks Auto Telecom
43.2 10.7 24.2 1.1 5.1 41.8 -7.3 11.0 14.4 43.2 16.6 33.3 23.4 -0.2
Pharma Energy IT Services Auto FMCG Infra Infra Infra Infra Energy Energy Telecom Infra Auto
32.7 1.9 20.1 0.3 4.6 36.2 -10.9 4.5 14.3 38.4 16.5 31.4 16.7 -0.5
Infra Pvt Banks FMCG Pvt Banks Infra Auto PSU Banks FMCG Auto Infra Infra FMCG PSU Banks Metals
22.9 -2.0 19.6 -2.4 -0.9 32.7 -16.5 0.1 13.0 37.8 7.5 30.8 15.2 -0.6
Metals Infra Real Estate Infra Real Estate FMCG Metals Pharma Energy Auto Telecom Energy Metals Energy
21.3 -2.8 10.8 -7.6 -3.5 31.3 -16.7 -8.7 9.5 20.3 -3.1 30.6 9.2 -1.1
Energy Metals Energy Real Estate IT Services PSU Banks Auto Auto Real Estate FMCG Real Estate
16 IT Services Energy Pharma
15.4 -7.5 10.1 -14.3 -5.3 25.0 -22.2 -9.4 5.6 12.4 -10.6 26.3 6.4 -6.8
IT Services PSU Banks Telecom Metals Pharma IT Services Real Estate Metals Pvt Banks Pharma Pharma Metals FMCG Real Estate
-0.2 -28.7 10.1 -29.4 -13.8 14.6 -32.5 -9.6 -2.9 10.9 -10.8 19.1 1.5 -15.7
Telecom Real Estate Metals PSU Banks Telecom Pharma Telecom PSU Banks PSU Banks Pvt Banks IT Services Pvt Banks Pvt Banks IT Services
-2.9 -33.6 8.4 -32.0 -21.0 -5.7 -39.0 -18.3 -30.5 4.9 -24.5 14.6 0.4 -16.4

Ordered by performance (best to worst) for each Calendar Year. For Understanding purpose only. Past performance may or may not be sustained in future and is not a guarantee of any
future returns. Source: Bloomberg, MFI Explorer, Internal Research; Data for sectoral NSE TRI indices, except for Telecom which is for BSE Telecom TRI and for Metals sector, for year 2012 16
and 2013 BSE Metals TRI is used as the relevant NSE TRI indices are not available for the said period(s). Data as of April 30, 2025.
 Nifty 50 Calendar Year Wise Performance and
Drawdowns

Nifty 50 CY Wise Return (%) vs Drawdown (%)

66 71 71 31 29
36 55 24 20
18 28
40 12 9
9 6 4 15 3.2
4 3 4

-16 -16 -18 -7 -4 -4

-16 -13 -15 -10 -7
-15 -11 -14
-30 -52 -25 -11 -11
-30 -15 -15 -38 -9.3
-23 -12 -16

-16
-35 -40
-60 -26

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CYTD
2025
CY Return (%) Drawdown (%)

Source: MFI Explorer, Internal Research. For Understanding purpose only. Past performance may or may not be sustained in future and is not a guarantee of any future returns. Data as of 17
April 30, 2025.
 Nifty Midcap 100 Calendar Year Wise Performance
and Drawdowns
Nifty Midcap 150 CY Wise Return (%) vs Drawdown (%)

77 95 55 47 44 47
39 23
19
29 22
6 6
4
-16 -26 -6 -9 -7 -4 -12 -8
-15 -5.3
-14 -15 -12
-60 -31
-37 -40
-13 -15
-21
-27 -17 -17.3
-26
-67 -32

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CYTD
2025
CY Return (%) Drawdown (%)

Source: MFI Explorer, Internal Research. For Understanding purpose only. Past performance may or may not be sustained in future and is not a guarantee of any future returns. Data as of 18
April 30, 2025.
 Nifty Small Cap 100 Calendar Year Wise
Performance and Drawdowns
Nifty Small Cap 100 CY Wise Return (%) vs Drawdown (%)

62 87 102 52 57 57 56
37
42 23
33 18
6 21
1
-16 -15 -24 -13 -9 -11 -11
-11 -10 -10 -14 -14 -11.7
-29 -35 -72 -34 -30
-19
-20 -47
-24
-35 -23 -33 -23
-76 -35 -40

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CYTD
2025
CY Return (%) Drawdown (%)

Source: MFI Explorer, Internal Research. For Understanding purpose only. Past performance may or may not be sustained in future and is not a guarantee of any future returns. Data as of 19
April 30, 2025.
 Expressing BSE 500 by Factors

Large 72.4 27.6 SMID

Value 49.0 51.0 Growth

Defensive 34.3 65.7 Cyclical

Exports 34.7 65.3 Domestic

Rate sensitive 69.6 30.4 Non-rate sensitive

Non - SOE 88.6 11.4 SOE

Broader Market Index is a Combination of Various Factors.

Data Source : MSCI Barra Factor Model and Internal Research. For understanding purpose only. Data as on 31st March 2025. Graph not to scale. 20
SMID = Small and Mid Cap, SOE = State-Owned Enterprises.
 1.5
2.0
2.4
2.9
3.3
4.2
4.7
5.1

3.8
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18

Data Source: MOSL, Internal research of WhiteOak Capital. Data as on

Apr-18

30th
Jul-18
Oct-18
Jan-19

April 2025.
Apr-19
Jul-19
Oct-19
India’s Contribution to World Market Cap (%)

Jan-20
Apr-20
Jul-20
Oct-20
2.2

Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
Jan-24
Apr-24
Jul-24
Oct-24
Jan-25
Apr-25
4.1

21
 India’s Weight in MSCI All Country World Index

2.3%

2.1%
2.0%
1.9%

1.7%

1.5%

1.3%

1.1%

1.1%
0.9%

0.7%

0.5%
Apr'15 Apr'16 Apr'17 Apr'18 Apr'19 Apr'20 Apr'21 Apr'22 Apr'23 Apr'24 Apr'25
22
Data Source: MOSL, Internal research of WhiteOak Capital. Data as on 30th April 2025.
 FIIs Ownership Near Decadal Low
DII Ownership Higher than FIIs

Ownership in Listed Indian Equity Market (%)

22.5
22.0

20.0
18.2
18.0
17.6
16.0 1222 bps
Mar’15
14.0

12.0

10.0
10.3
8.0

Dec-18

Dec-19

Dec-20

Dec-21

Dec-22

Dec-23

Dec-24
Sep 14

Sep 15

Sep 16

Sep 17
Mar 14

Mar 15

Mar 16

Mar 17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

Mar-24

Sep-24

Mar-25
Dec 13

Dec 14

Dec 15

Dec 16

Dec 17
Jun 14

Jun 15

Jun 16

Jun 17

June-18

June-19

June-20

Jun-21

Jun-22

Jun-23

Jun-24
FIIs (%) DII (%)

23
Data Source: MOSL, Internal research of WhiteOak Capital. Data as on quarter ending 31st March 2025.
 India: One of the Best Performing Emerging Markets
% CAGR in USD Terms (Total Returns)

CAGR in USD terms (%) - Total Returns (As on 30th April 2025)
Country 1yr 3yr 5yr 10yr 15yr 20yr
India (BSE 500) 4.3% 11.4% 20.8% 10.7% 8.0% 11.6%
Taiwan 10.1% 10.0% 16.9% 12.3% 11.2% 10.2%
Indonesia -12.7% -6.7% 5.5% 1.2% 1.9% 8.2%
Philippines 5.0% 0.4% 3.8% -1.6% 4.9% 8.2%
China 26.4% 3.6% -0.5% 0.7% 3.3% 7.9%
Thailand 3.8% -3.8% 0.1% 0.1% 4.4% 6.5%
Mexico -7.4% 8.9% 17.5% 2.7% 3.0% 6.8%
Korea -11.8% -4.3% 3.3% 2.0% 3.0% 5.5%
South Africa 32.0% 6.0% 13.5% 1.7% 3.5% 6.4%
Brazil -5.3% 2.8% 10.2% 2.7% -1.6% 5.9%
Malaysia 13.1% 2.6% 4.2% -0.9% 1.4% 4.9%
USA (S&P 500) 12.1% 12.2% 15.6% 12.3% 13.0% 10.3%

24
Data Source: Jefferies, Internal research of WhiteOak Capital. BSE 500 TRI and S&P 500 TRI is used for India and USA respectively. For all other countries, respective MSCI index has been used.
 FIIs… who are they?

Total FII/FPI AUC as of Dec'24 = US$ 831bn

Sovereign wealth funds

16.7%

Non-dedicated active
funds
63.2% India dedicated passive
funds
3.6%

India dedicated active

funds
8.7%
Non-dedicated passive
funds
7.8%

25
Source: Bloomberg, NSDL, Jefferies, MOSL, Internal research of WhiteOak Capital. Break-up is as on December 2024.
 India’s Weight in MSCI Emerging Market

22.5%

20.0%
19.2%

17.5%

15.0%

12.5%

10.0%

7.5%

5.0%
Apr'20 Apr'21 Apr'22 Apr'23 Apr'24 Apr'25
26
Source: RIMES, MSCI, Morgan Stanley Research, Data as on 30th April 2025.
 Weight in MSCI Emerging Market: India vs China

45.0%
43.2%
40.0%

35.0% China
29.6%
30.0%

25.0%

20.0%
India
19.2%
15.0%

10.0%

8.1%
5.0%
Apr'15 Apr'16 Apr'17 Apr'18 Apr'19 Apr'20 Apr'21 Apr'22 Apr'23 Apr'24 Apr'25

27
Source: RIMES, MSCI, Morgan Stanley Research, Data as on 30th April 2025.
 Key Market Cap Indices Performance (%)
Over Last One Year (As on 30th April 2025)

150

140

130

120

Mid Cap: 110

Rebased to 100

110 Large Cap: 109

Micro Cap: 107
100 Small Cap: 105

90

80
Apr'24 May'24 Jun'24 Jul'24 Aug'24 Sep'24 Oct'24 Nov'24 Dec'24 Jan'25 Feb'25 Mar'25 Apr'25

Nifty 100 TRI Nifty Midcap 150 TRI Nifty Smallcap 250 TRI Nifty Microcap 250 TRI

Data Source: MFIE, Internal research of WhiteOak Capital. Past performance may or may not be sustained in the future and is not a guarantee of any future returns. Index 28
performance does not signify scheme performance. Data from 30th April 2024 to 30th April 2025.
 Market Cap Contribution Trend by SMID Cap Segment
SMID Cap Segment started to contribute meaningfully over the years

SMID Cap Stocks as % Trend

Month & Year
to Total Market Cap (Last 5 Year Average)
Dec-00 19.1
Dec-01 16.5
SMID Cap Stocks’ Contribution as % to Total Market Cap
Dec-02 18.7
Dec-03 20.2
Dec-04 21.7 19.2
40.0
Dec-05 25.3 20.5
Dec-06 25.1 22.2
Dec-07 26.2 23.7
Dec-08 20.9 23.8 35.0
Dec-09 23.6 24.2
Dec-10 25.6 24.3
Dec-11 23.5 24.0 30.0
Dec-12 25.7 23.9
Dec-13 22.8 24.2
Dec-14 26.7 24.9 25.0
Dec-15 28.7 25.5
Dec-16 29.3 26.7
Dec-17 33.6 28.2 20.0
Dec-18 29.4 29.6
Dec-19 26.2 29.5
Dec-20 26.8 29.1 15.0

Apr-25
Dec-12
Dec-00
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11

Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
Dec-21 31.6 29.5
Dec-22 30.9 29.0
Dec-23 36.1 30.3
Dec-24 40.3 33.1 SMID Cap Stocks as % to Total Market Cap Trend (Last 5 Year Average)
Apr-25 37.8 32.4
SMID = Small and Mid Cap. Source: Internal Research of WhiteOak. Based on AMFI’s Stock Classification i.e. Top 100 Companies by market cap are classified as Largecap, The next
101st-250th companies by market cap are classified as Midcap; 251st and beyond are considered as Smallcaps. Data source: MOSL. Performance for understanding purpose only. Past 29
performance may or may not be sustained in future and is not a guarantee of any future returns. Data as on 30th April 2025.
 % Contribution to Total Market Cap
Market Cap Segment Wise Trend

Premium/Discount over Long Period Average

% to Total Market Cap
% to Total Market Capitalisation (Current % to Total Market Cap vs Last 5 Years
(Last 5 Years Monthly Average)
Average)
Month End
Small Cap
Large Cap Mid Cap Large Cap Mid Cap Small Cap Large Cap Mid Cap Small Cap
251
Top 100 101-250 Top 100 101-250 251 onwards Top 100 101-250 251 onwards
onwards
Dec-13 77.0 12.6 10.4 75.3 12.9 11.8 2% -3% -12%
Dec-14 73.5 14.0 12.5 74.9 13.2 11.9 -2% 6% 5%
Dec-15 71.5 15.2 13.3 75.0 13.4 11.7 -5% 14% 14%
Dec-16 70.7 15.3 14.0 74.4 13.7 11.9 -5% 11% 18%
Dec-17 66.5 17.2 16.3 73.2 14.3 12.5 -9% 21% 30%
Dec-18 70.7 16.2 13.1 71.7 15.0 13.3 -1% 8% -1%
Dec-19 73.8 15.6 10.5 71.3 15.5 13.3 4% 1% -21%
Dec-20 73.4 15.6 10.9 71.4 15.7 12.9 3% -1% -15%
Dec-21 68.7 16.7 14.6 71.1 16.0 12.9 -3% 4% 14%
Dec-22 69.3 16.1 14.6 71.1 16.1 12.8 -3% 0% 14%
Dec-23 63.9 17.8 18.3 70.6 16.2 13.2 -9% 10% 38%
Dec-24 59.7 19.3 21.0 68.5 16.8 14.7 -13% 15% 43%
Apr-25 62.2 19.1 18.7 67.6 17.0 15.3 -8% 12% 22%

Data Source: MOSL, Internal research of WhiteOak Capital. Data as on 30th April 2025. Past performance may or may not be sustained in the future and is not a guarantee of any 30
future returns. Index performance does not signify scheme performance.
 Small Cap Segment: Valuation Perspective
Historical References

Small Cap (251 onwards)

Nifty Smallcap 250 TRI (% CAGR)
% to Total Market Capitalisation
Month End
Last 5 Years Premium/Discoun
As on date Next 1 Year Next 2 Years Next 3 Years
Average t over LPA

Dec-13 10.4 11.8 -12% 72% 38% 25%

Dec-14 12.5 11.9 5% 11% 6% 21%
Dec-15 13.3 11.7 14% 1% 27% 6%
Dec-16 14.0 11.9 18% 58% 8% 3%
Dec-17 16.3 12.5 30% -26% -17% -5%
Dec-18 13.1 13.3 -1% -7% 8% 24%
Dec-19 10.5 13.3 -21% 26% 44% 26%
Dec-20 10.9 12.9 -15% 63% 26% 33%
Dec-21 14.6 12.9 14% -3% 20% 23%
Dec-22 14.6 12.8 14% 49% 38%
Dec-23 18.3 13.2 38% 27%
Dec-24 21.0 14.7 43%
Apr-25 18.7 15.3 22%

Data Source: MOSL, Internal research of WhiteOak Capital. Data as on 30th April 2025. Past performance may or may not be sustained in future and is not a guarantee of any future 31
returns. Index performance does not signify scheme performance.
 Achieving Optimal Level of Risk-Adjusted Return
By allocating investment in Multiple Asset Classes (Multi Asset Allocation)

Financial Year wise performance (% return) of select indices

Financial BSE CRISIL Short Term MCX Gold S&P 500 TRI Concept of Multi-
Year Sensex TRI Bond Index (INR) (INR) Asset Portfolio^
FY 2011 12.5% 5.1% 27.4% 14.7% 13.0%
FY 2012 -9.2% 8.3% 32.9% 24.0% 10.9%
FY 2013 10.1% 9.1% 7.1% 21.9% 9.5%
Weights of Multi Asset Portfolio^
FY 2014 20.7% 8.9% -3.2% 33.9% 10.1%
FY 2015 26.8% 10.3% -8.3% 17.3% 10.1% Asset Class Represented by Weight
FY 2016 -7.9% 8.5% 10.9% 8.1% 4.9% Domestic Equity BSE Sensex TRI 25%
FY 2017 18.5% 9.1% -1.9% 14.9% 9.0%
Debt CRISIL Short Term Bond Index 45%
FY 2018 12.7% 6.1% 7.4% 12.9% 8.4%
FY 2019 18.8% 7.6% 3.2% 18.1% 9.8% Gold MCX Gold (INR) 25%
FY 2020 -22.9% 9.9% 29.7% 1.1% 6.2% US Equity S&P 500 TRI (INR) 5%
FY 2021 69.8% 7.8% 7.3% 51.8% 25.4%
^The above table is only to understand the
FY 2022 19.5% 5.2% 16.6% 20.0% 12.4%
concept of Multi Asset Allocation. Depending
FY 2023 2.0% 4.2% 16.1% -1.5% 6.3%
on what weight one assigns to different asset
FY 2024 26.5% 7.6% 12.5% 33.5% 14.8%
FY 2025
classes, the results can vary accordingly.
6.4% 8.1% 32.4% 10.5% 13.9%
FYTD 2026 3.7% 1.2% 5.9% -1.2% 2.9%
FY 2011 to FYTD 2026 12.1% CAGR 7.7% CAGR 12.3% CAGR 17.9% CAGR 11.0% CAGR
It is interesting to note from above table that for a Multi-Asset Portfolio, Gold has provided some downside protection in many of the
years when Domestic Equity has delivered negative returns and vice versa.

Source: MFIE, Bloomberg and Internal Research. The above analysis assumes annual rebalancing to predetermined weights (as mentioned in above table). Past performance may or may not be 32
sustained in future and is not a guarantee of any future returns. Returns less than 1 year are absolute and more than 1 year are CAGR. FYTD = Financial Year Till Date as on 30 th April 2025.
 Value of Rs. 100 if Invested in…
16,000 Value of Rs. 100 as of March 2025 Since 1985
14,000 BSE SENSEX, 13,484
12,000
10,000
8,000
Gold, 6,518
6,000
4,000
Bank Deposit (1 - 3 Yr), 2,100
2,000
Inflation, 1,478
0
Mar-86

Mar-91
Mar-87
Mar-88
Mar-89
Mar-90

Mar-92
Mar-93
Mar-94
Mar-95
Mar-96
Mar-97
Mar-98
Mar-99
Mar-00
Mar-01
Mar-02
Mar-03
Mar-04
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
Mar-24
Mar-25
If Invested in…
Rs 100 Would have Become…till March 2025 1985 1995 2005 2015
Gold 6,518 2,210 1,448 338
BSE SENSEX 13,484 2,374 1,192 277
Bank Deposit (1 - 3 Yr) 2,100 859 400 183
Inflation 1,478 656 355 161
CAGR 1985 1995 2005 2015
Gold 11.0% 10.9% 14.3% 12.9%
BSE SENSEX 13.0% 11.1% 13.2% 10.7%
Bank Deposit (1 - 3 Yr) 7.9% 7.4% 7.2% 6.2%
Inflation 7.0% 6.5% 6.5% 4.8%
Gold BSE SENSEX Bank Deposit (1 - 3 Yr) Inflation
Average 10 Year Monthly Rolling Since March 1985 till March 2025 10.2% 12.8% 8.1% 7.2%
Data Source: Internal research of WhiteOak Capital. Data as on 31th March 2025. Past performance may or may not be sustained in future and is not a guarantee of any future 33
returns. Index performance does not signify scheme performance.
Sectoral Update
Financial Services and Healthcare
 Financial Services: Relative Performance Analysis
(5 Years Rolling Return Analysis for Nifty Financial Services TRI vs Nifty 50 TRI)

Relative performance of Nifty Financial Services TRI over Nifty 50 TRI (5 Years Daily Rolling % CAGR)
12.0 Nifty Financial Services TRI
out-performing Nifty 50 TRI
10.0

8.0

6.0 Average
4.0 Out-performance
3.6%
2.0
-0.5%
0.0

-2.0
-1.4%
-4.0 Nifty Financial Services TRI
under-performing Nifty 50 TRI
-6.0
Feb'09 Feb'10 Feb'11 Feb'12 Feb'13 Feb'14 Feb'15 Feb'16 Feb'17 Feb'18 Feb'19 Feb'20 Feb'21 Feb'22 Feb'23 Feb'24 Feb'25 Apr’25

Financial Services faced many challenges (both local and global) over the last two decades.
Recent Under-performance by Nifty Financial Services TRI over Nifty 50 TRI is the highest in last fifteen years.

Data Source : MFIE and Internal Research. Performance for understanding purpose only. Past performance may or may not be sustained in future and is not a guarantee
of any future returns. Index performance does not signify scheme performance. 5 Years Daily Rolling CAGR considered from 1-Jan-04 to 30-Apr-25, first observation 35
recorded on 1-Jan-09.
 Indian banking sector’s profitability has
improved over the years

NIM % ROA (% of avg. asset)

5.0% Average Pvt banks PSU banks

4.0% Average Pvt banks PSU banks
4.5%

3.0%
4.0%

3.5% 2.0%

3.0%
1.0%
2.5%

0.0%
2.0%
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
1QFY24
2QFY24
3QFY24
4QFY24
1QFY25
2QFY25
-1.0%

FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
1QFY24
2QFY24
3QFY24
4QFY24
1QFY25
2QFY25
Healthy Net Interest Margins and Return on Assets (ROA) has improved
Net Interest Income growth considerably over the years.

36
For understanding purpose only. Source: Jefferies, Internal Research of WhiteOak Capital. NIM = Net interest margin. ROA = Return on Assets.
 Indian banking sector’s balance sheet
healthiest in a decade

Credit Cost (% of avg. loans) System Coverage ratio (%)

Average Pvt banks PSU banks 100

4.0%
3.8% 80 79 77
3.2%
3.0% 66
60
2.1%
2.0%

40 41
1.0%

0.0% 20
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
1QFY24
2QFY24
3QFY24
4QFY24
1QFY25
2QFY25

FY12
FY11

FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
1QFY24
2QFY24
3QFY24
4QFY24
1QFY25
2QFY25
Asset quality remains benign NPL Coverage is near its highest level in decade

For understanding purpose only. Source: Jefferies, Internal Research of WhiteOak Capital. NPL = Non-Performing Loans. Last 4 quarter Coverage Ratio based on data of Large Private (#16) and 37
PSU banks.
 Credit and Deposit Growth Trend

Loan growth (% YoY) Deposit growth (% YoY)

30% 40%
Average Pvt banks PSU banks Average Pvt banks PSU banks
25%
30%
20%

15% 20%

10%
10%
5%

0% 0%

FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
1QFY24
2QFY24
3QFY24
4QFY24
1QFY25
2QFY25
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
1QFY24
2QFY24
3QFY24
4QFY24
1QFY25
2QFY25
Loan growth is steady at healthy rate Deposit growth has seen drop in recent
quarters

For understanding purpose only. Source: Jefferies, Internal Research of WhiteOak Capital
 Healthcare: Wealth Creation over the Long Term
But … (continued on next slide)

3000
Growth Since Aug’04 to Apr’25 (% CAGR)
(Last ~20 Years)
2500
BSE HC TRI 16.1% 2203
2149
2000
Nifty 50 TRI 15.6%

Nifty 500 TRI 16.0%

1500

1000

500
Rebased to 100

Apr’ 25
Feb'06

Feb'11
Aug'06
Aug'04
Feb'05
Aug'05

Feb'07
Aug'07
Feb'08
Aug'08
Feb'09
Aug'09
Feb'10
Aug'10

Aug'11
Feb'12
Aug'12
Feb'13
Aug'13
Feb'14
Aug'14
Feb'15
Aug'15
Feb'16
Aug'16
Feb'17
Aug'17
Feb'18
Aug'18
Feb'19
Aug'19
Feb'20
Aug'20
Feb'21
Aug'21
Feb'22
Aug'22
Feb'23
Aug'23
Feb'24
Aug'24
Feb'25
Nifty 500 TRI BSE HC TRI

Data Source : MFIE and Internal Research. Performance for understanding purpose only. Past performance may or may not be sustained in future and is not a guarantee
of any future returns. Index performance does not signify scheme performance. Period: Fom 23-Aug-2004 (inception date of BSE HC TRI) to 30th April 2025. Broader 39
Market here is represented by Nifty 500 TRI.
 Healthcare: Wealth Creation over the Long Term
… with Low Correlation with Broader Market Indices

1 Year CAGR Daily Rolling 3 Years CAGR Daily Rolling

Correlation: 0.66 Correlation: 0.31
140 60
120 50
100
80 40
60 30
40
20 20
0 10
-20
-40
0
-60 -10
-80
-20
Aug'10
Aug'05
Aug'06
Aug'07
Aug'08
Aug'09

Aug'11
Aug'12
Aug'13
Aug'14
Aug'15
Aug'16
Aug'17
Aug'18
Aug'19
Aug'20
Aug'21
Aug'22
Aug'23
Aug'24
Apr’25

Apr’25
Aug'08
Aug'07

Aug'09
Aug'10
Aug'11
Aug'12
Aug'13
Aug'14
Aug'15
Aug'16
Aug'17
Aug'18
Aug'19
Aug'20
Aug'21
Aug'22
Aug'23
Aug'24
Nifty 500 TRI BSE HC TRI
Nifty 500 TRI BSE HC TRI

Correlation between BSE HC TRI and Broader Market (Nifty 500 TRI)^ Healthcare index can provide low-correlated return stream
on 1 year CAGR daily rolling basis → 0.66 compared with broader market and potentially enhance
on 3 years CAGR daily rolling basis → 0.31 risk-adjusted return of overall portfolio for investors.

Data Source : MFIE and Internal Research. Performance for understanding purpose only. Past performance may or may not be sustained in future and is not a guarantee of
any future returns. Index performance does not signify scheme performance. ^Daily Rolling CAGR considered for correlation from 23-Aug-2004 (inception date of BSE HC 40
TRI) to 30th April 2025, first observation recorded on 23-Aug-05 (for 1 year basis), 23-Aug-07 (for 3 years basis). Broader Market here is represented by Nifty 500 TRI.
 Healthcare: Defense During Market Fall
BSE HC TRI vs Broader Market Index (Slide 1 of 2)

Calendar Year 2008 Calendar Year 2011

120 105

Rebased to 100
Rebased to 100

100
100
95
80 90
88
67 85
60
80
40 43 75
73
70
20
65
0 60
Jan'08 Mar'08 May'08 Jul'08 Sep'08 Nov'08 Dec’08 Jan'11 Mar'11 May'11 Jul'11 Sep'11 Nov'11 Dec’11

Nifty 500 TRI BSE HC TRI Nifty 500 TRI BSE HC TRI

Calendar Year → 2008 2011 As we can observe from adjacent table, Healthcare index
BSE HC TRI -33% -12% has limited the downside during challenging years like
calendar year 2008 and 2011.
Nifty 500 TRI (Broader Market) -57% -27%

Data Source : MFIE and Internal Research. Performance for understanding purpose only. Past performance may or may not be sustained in future and is not a guarantee
of any future returns. Index performance does not signify scheme performance. CY = Calendar Year = 1st January to 31st December. Broader Market here is represented by 41
Nifty 500 TRI.
 Healthcare: Defense During Market Fall
BSE HC TRI vs Broader Market Index (Slide 2 of 2)

Q1 Calendar Year 2020 (Jan to Mar) Q2 to Q4 Calendar Year 2020 (Apr to Dec)
110 200
105 182
180
100
Rebased to 100

172
95 160
90 91 140

Rebased to 100
85
120
80
75 100
70 71
80
65
60 60
Apr'20 May'20 Jun'20 Jul'20 Aug'20 Sep'20 Oct'20 Nov'20 Dec'20
Jan'20 Feb'20 Mar'20
Nifty 500 TRI BSE HC TRI Nifty 500 TRI BSE HC TRI

Calendar Year 2020 Q1 Q2-Q4 Full Year Calendar Year 2020 was one of the most volatile year in
BSE HC TRI -9% +82% +62% recent times. Healthcare Index has delivered better investor
experience compared with broader market index.
Nifty 500 TRI (Broader Market) -29% +72% +18%

Data Source : MFIE and Internal Research. Performance for understanding purpose only. Past performance may or may not be sustained in future and is not a guarantee
of any future returns. Index performance does not signify scheme performance. CY = Calendar Year = 1st January to 31st December. Broader Market here is represented by 42
Nifty 500 TRI.
 IT Services: Wealth Creation over the Long Term
But … (continued on next slide)

2800
Growth Since Jan’04 to Apr’25 (% CAGR)
(Last 20+ Years)
2300
Nifty IT TRI 15.2%

Nifty 50 TRI 14.1% 2060

1800
1842
Nifty 500 TRI 14.6%
1300

800
Rebased to 100

300
Apr'05

Apr'08
Apr'04

Apr'06

Apr'07

Apr'09

Apr'10

Apr'11

Apr'12

Apr'13

Apr'14

Apr'15

Apr'16

Apr'17

Apr'18

Apr'19

Apr'20

Apr'21

Apr'22

Apr'23

Apr'24

Apr'25
-200

Nifty 500 TRI Nifty IT TRI

Data Source : MFIE and Internal Research. Performance for understanding purpose only. Past performance may or may not be sustained in future and is not a guarantee
of any future returns. Index performance does not signify scheme performance. Period: Fom 01-Jan-2004 to 30th April 2025. Broader Market here is represented by Nifty 43
500 TRI.
 IT Services: Wealth Creation over the Long Term
… IT Services Sector has under-performed in recent years

Key Sectoral and Broader Market Indices Performance (%) as on 30th April 2025
From 52 Week
Index Name CYTD 2025 1 Year 2 Year 3 Year 5 Year 10 Year 15 Year
High
Nifty Energy TRI -22.8 -2.1 -14.0 21.7 7.5 23.4 17.5 11.4
Nifty Realty TRI -22.8 -15.8 -8.7 41.4 26.3 36.8 16.3 5.1
Nifty IT TRI -21.6 -16.8 10.4 15.9 6.4 22.8 14.8 14.8
BSE Utilities TRI -21.6 -1.2 -8.9 36.7 11.7 32.6 15.8 8.2
BSE Consumer Discretionary TRI -19.3 -9.4 -0.7 25.7 17.4 25.9 14.5 14.0
Nifty Auto TRI -19.1 -2.3 0.0 30.9 27.3 31.6 11.6 15.0
Nifty PSU Bank TRI -18.2 0.0 -13.4 26.1 35.0 38.7 7.2 5.1
Nifty PSE TRI -17.0 1.3 -2.4 45.5 33.6 35.3 14.5 9.7
Nifty Oil & Gas TRI -16.6 4.6 -4.5 23.1 11.9 22.2 17.0 12.7
Nifty Metal TRI -15.8 -0.8 -5.8 22.2 11.8 37.7 15.9 6.1
Nifty FMCG TRI -14.1 0.0 6.1 10.3 15.9 16.6 13.0 16.2
Nifty India Manufacturing TRI -14.1 -2.2 4.8 28.0 19.6 29.1 13.4 12.4
Nifty India Defence TRI -13.6 10.2 32.8 76.9 67.1 68.8 -- --
Nifty Commodities TRI -12.9 5.2 -2.3 22.3 12.2 27.7 14.6 9.2
Nifty Capital Markets TRI -11.3 -7.1 36.6 79.3 35.5 39.944 -- --
NIFTY100 ESG TRI -9.7 0.8 7.8 20.1 12.3 21.2 13.6 --
Nifty Infrastructure TRI -9.0 4.0 3.3 29.0 20.6 27.6 12.3 7.8
Nifty Healthcare TRI -6.6 -5.8 18.0 33.1 19.4 21.1 9.0 13.8
Nifty Financial Services TRI -1.9 11.1 20.8 17.8 17.3 20.7 14.3 14.5
Nifty Private Bank TRI -1.3 10.8 12.8 12.8 15.2 19.1 11.4 14.5
Nifty Bank TRI -1.0 8.3 12.5 13.8 16.1 21.4 12.3 13.0
Source: MFIE and internal research of WhiteOak Capital. For information purpose only. Returns upto 1 year are absolute and more than 1 year are CAGR. Past performance 44
may or may not be sustained in future and is not a guarantee of any future returns. Index performance does not signify scheme performance.
 IT Sector’s Weight in BSE 500 Index
Last 10 Years Historical Trend (on monthly basis)

Information Technology Sector Weight in BSE 500 Index

45.0%
14.50
40.0%

3 Years CAGR of Nifty IT TRI from Month End

13.50
35.0%
IT Sector's Weight in BSE 500

12.50 30.0%

25.0%
11.50

20.0%
10.50
15.0%
9.50
10.0%

8.50
5.0%
45
7.50 0.0%
Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25

IT Sector's Weight in BSE 500 3 Years CAGR of Nifty IT TRI from Month End

Data Source: Factset and Internal Research. Performance for understanding purpose only. Past performance may or may not be sustained in future and is not a guarantee
of any future returns. Index performance does not signify scheme performance. ^Period: March 2015 to April 2025 (Last 10 Years). 3 Years % CAGR of Nifty IT TRI from 45
month end of respective observation. Above numbers are rounded-off to nearest decimal.
Annexure
 Equity Market and Volatility

47
Source: WhiteOak. As of March 31, 2025. Above levels are for BSE Sensex. Past performance may or may not be sustained in future and is not a guarantee of any future returns.
 BSE Sensex EPS Growth
Last 5 Years % CAGR at the end of each month
Month January February March April May June July August September October November December
2025 17% 17% 17% 17%
2024 16% 16% 16% 16% 16% 16% 16% 17% 17% 17% 17% 17%
2023 14% 14% 14% 14% 14% 15% 15% 15% 15% 15% 15% 16%
2022 10% 11% 11% 11% 12% 12% 12% 12% 13% 13% 13% 13%
2021 4% 5% 5% 5% 6% 7% 7% 8% 8% 9% 9% 10%
2020 2% 2% 2% 2% 3% 3% 3% 3% 4% 4% 4% 4%
2019 3% 3% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
2018 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
2017 5% 4% 4% 4% 4% 4% 4% 4% 4% 4% 3% 3%
2016 6% 6% 6% 5% 5% 5% 5% 5% 5% 5% 5% 5%
2015 10% 10% 10% 10% 9% 9% 9% 8% 8% 7% 7% 7%
2014 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%
2013 7% 7% 7% 7% 8% 8% 8% 8% 9% 9% 9% 9%
2012 10% 9% 9% 9% 9% 9% 8% 8% 8% 8% 8% 8%
2011 14% 14% 14% 13% 13% 12% 12% 11% 11% 11% 10% 10%
2010 14% 14% 13% 13% 13% 13% 13% 13% 14% 14% 14% 14%
2009 19% 18% 18% 17% 17% 17% 16% 16% 15% 15% 15% 14%
2008 25% 25% 25% 24% 24% 23% 22% 22% 21% 21% 20% 19%
2007 24% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
2006 18% 19% 20% 21% 21% 21% 22% 22% 23% 23% 24% 24%
2005 9% 9% 10% 11% 11% 12% 13% 14% 15% 16% 16% 17%
2004 4% 5% 5% 6% 6% 7% 7% 7% 8% 8% 8% 9%
2003 -1% -1% -1% -1% 0% 0% 1% 2% 2% 3% 3% 4%
2002 -2% -2% -2% -2% -2% -2% -2% -2% -2% -2% -2% -2%
2001 -1% -2% -3% -3% -3% -3% -3% -3% -3% -3% -2% -2%
2000 10% 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0%
1999 18% 17% 17% 16% 15% 14% 14% 13% 12% 12% 11% 11%
1998 28% 29% 29% 28% 26% 25% 24% 23% 22% 21% 20% 19%
1997 24% 24% 24% 24% 25% 25% 26% 26% 26% 27% 27% 28%
1996 25% 25% 25% 25% 26% 25% 25% 26% 24% 24%
Data Source: MFIE, MOSL, Internal research of WhiteOak Capital. EPS = Earning Per Share. Data as on 30st April 2025. Returns shown . Past performance may or may not be sustained in 48
future and is not a guarantee of any future returns. Index performance does not signify scheme performance.
 BSE Sensex Index Growth
Last 5 Years % CAGR at the end of each month
Month January February March April May June July August September October November December
2025 14% 14% 21% 19%
2024 15% 15% 14% 14% 13% 15% 17% 17% 17% 15% 14% 14%
2023 11% 12% 12% 12% 12% 13% 12% 11% 13% 13% 13% 15%
2022 16% 14% 15% 14% 12% 11% 12% 13% 13% 13% 14% 12%
2021 13% 16% 14% 14% 14% 14% 13% 15% 16% 16% 16% 17%
2020 7% 5% 1% 5% 3% 5% 6% 8% 8% 8% 11% 13%
2019 12% 11% 12% 12% 10% 9% 8% 7% 8% 8% 7% 8%
2018 13% 13% 12% 13% 12% 13% 14% 16% 13% 10% 12% 11%
2017 10% 10% 11% 12% 14% 12% 14% 13% 11% 12% 11% 12%
2016 6% 5% 5% 6% 8% 7% 9% 11% 11% 10% 11% 11%
2015 12% 12% 10% 9% 10% 9% 9% 8% 5% 6% 6% 5%
2014 17% 19% 18% 14% 11% 12% 11% 11% 9% 12% 11% 10%
2013 2% 1% 4% 2% 4% 8% 6% 5% 9% 17% 18% 17%
2012 4% 7% 6% 5% 2% 4% 2% 3% 2% -1% 0% -1%
2011 13% 11% 12% 10% 12% 12% 11% 7% 6% 6% 3% 2%
2010 20% 20% 22% 23% 20% 20% 19% 18% 18% 20% 17% 17%
2009 11% 9% 12% 15% 25% 25% 25% 25% 25% 23% 22% 21%
2008 40% 40% 39% 42% 39% 30% 31% 28% 24% 15% 13% 11%
2007 34% 29% 30% 33% 36% 35% 39% 37% 42% 46% 43% 43%
2006 18% 20% 26% 28% 23% 25% 26% 29% 35% 34% 33% 33%
2005 5% 4% 5% 6% 9% 9% 12% 12% 16% 16% 17% 19%
2004 11% 11% 8% 11% 4% 3% 3% 1% 3% 5% 6% 6%
2003 0% -2% -5% -6% -3% 2% 3% 8% 7% 12% 12% 14%
2002 0% 0% 1% -3% -4% -5% -7% -4% -5% -5% -2% -2%
2001 8% 5% 1% -2% -1% -2% -1% -2% -3% -1% 3% 1%
2000 8% 10% 9% 8% 6% 8% 5% 6% 3% 2% 6% 5%
1999 -4% -5% 0% -2% 1% 0% 2% 1% 2% 1% 2% 5%
1998 4% 6% 11% 14% 11% 8% 7% 2% 3% 1% -3% -2%
1997 8% 4% -5% 0% 5% 7% 10% 5% 3% 6% 7% 7%
1996 24% 25% 23% 25% 23% 14% 11% 21% 9% 10%

Data Source: MFIE, MOSL, Internal research of WhiteOak Capital. Data as on 30th April 2025 49
Past performance may or may not be sustained in future and is not a guarantee of any future returns. Index performance does not signify scheme performance.
 Tug of War
BSE Sensex Index v/s EPS Growth
Last 5 Years % CAGR Last 10 Years % CAGR Last 15 Years % CAGR
At the end of
BSE Sensex Index BSE Sensex EPS BSE Sensex Index BSE Sensex EPS BSE Sensex Index BSE Sensex EPS
Apr'25 19% 17% 12% 9% 11% 10%
Apr'24 14% 16% 13% 9% 13% 9%
Apr'23 12% 14% 12% 8% 9% 8%
Apr'22 14% 11% 13% 8% 10% 8%
Apr'21 14% 5% 10% 5% 10% 8%
Apr'20 5% 2% 7% 6% 12% 8%
Apr'19 12% 2% 13% 6% 14% 10%
Apr'18 13% 3% 7% 5% 18% 11%
Apr'17 12% 4% 8% 6% 16% 12%
Apr'16 6% 5% 8% 9% 14% 13%
Apr'15 9% 10% 16% 12% 12% 11%
Apr'14 14% 10% 15% 14% 14% 11%
Apr'13 2% 7% 21% 16% 11% 10%
Apr'12 5% 9% 18% 17% 11% 10%
Apr'11 10% 13% 18% 17% 11% 10%
Apr'10 23% 13% 14% 12% 12% 11%
Apr'09 15% 17% 13% 11% 8% 13%
Apr'08 42% 24% 16% 11% 15% 16%
Apr'07 33% 25% 14% 11% 9% 15%
Apr'06 28% 21% 12% 8%
Apr'05 6% 11% 7% 9%
Apr'04 11% 6% 4% 11%
Apr'03 -6% -1% 3% 13%
Apr'02 -3% -2% -2% 10%
Apr'01 -2% -3%
Apr'00 8% 8%
Apr'99 -2% 16%
Apr'98 14% 28%
Apr'97 0% 24%
Average 11% 11% 11% 10% 12% 11%
50
30th
Data Source: MFIE, MOSL, Internal research of WhiteOak Capital. EPS = Earning Per Share. Data as on April 2025
Past performance may or may not be sustained in future and is not a guarantee of any future returns. Index performance does not signify scheme performance.
Disclaimer

While reasonable endeavors have been made to present reliable data in the Presentation, but WhiteOak Capital Asset Management Limited
does not guarantee the accuracy or completeness of the data in the Presentation. WhiteOak Capital Asset Management Limited or any of
its connected persons including its subsidiaries or associates or partners or employees shall not be in any way responsible for any loss or
damage that may arise to any person from any inadvertent error in the information contained, views and opinions expressed in this
Presentation. Past performance should not be taken as an indication or guarantee of future performance, and no representation or
warranty, express or implied, is made regarding future performance. Information, opinions and estimates contained in this Presentation
reflect a judgment of its original date of publication by WhiteOak Capital Asset Management Limited and are subject to change without
notice. This Presentation is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or
located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to local
law, regulation or which would subject WhiteOak Capital Asset Management Limited and its affiliates to any registration or licensing
requirement within such jurisdiction The product described herein may or may not be eligible for sale in all jurisdictions or to certain
category of investors. Persons in whose possession this Report/Presentation may come are required to inform themselves of and to observe
such restrictions. Before making any investments, the readers are advised to seek independent professional advice, verify the contents in
order to arrive at an informed investment decision.

mf.whiteoakamc.com 1800 266 3060 C/002/4/25

51
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
Corporate Profile of
WhiteOak Capital Group

52
Background of WhiteOak Capital Group

• One of the few in the industry with DNA of investment management

• Group of Professionals led by an investment professional as ‘Founder’ to get SEBI
Expertise and prior Experience only in license to set up an Asset Management Company (AMC)
Investment Management • Core competence in domestic and global emerging equity markets

53
 WhiteOak Capital Group

UK
SWITZERLAND
SPAIN

INDIA
Dubai

SINGAPORE

MAURITIUS

Founded by AUM Offices

Prashant Khemka ~US$ 9.04 Bn India, Singapore, Mauritius,
in June 2017 (~Rs. 79,910 Crore) Switzerland, Spain, UK and Dubai

54
Details as on 30th April 2025. This map is used for design and representational purpose only, It does not depict the exact geographical boundaries of the country (map not to scale).
Founder’s Profile and Track Record

Prashant Khemka
Founder

2000 Prashant joined Goldman Sachs Asset Management (GSAM) in the US Growth Equity Team

Became Senior PM and Co-Chair of the Investment Committee on the US Growth Equity team which
2004 managed US$25 bn

2006 Returned to Mumbai to start GSAM India business, where he served as CIO and CEO / Co-CEO until 2013

2013 Moved to Singapore as CIO and Lead PM of both India and Global Emerging Markets

2017 Founded WhiteOak Capital Group

Extensive investing record across India, Global Emerging Market (GEM) and the US

55
WhiteOak Capital Group – Key Milestones

August
June
November
June
September
June
May
June
August
June

2017
2017
2017
2017
2018
2017
2021
2017
2022
2017

June
June
October
June
July
June
December
June
November
June
November
June

2017
2017
Launched 2017
2017
Launched 2018
2017
Launched 2018
2017
1st AIF 2021
2017
Launched 2024
2017

1st 1st Onshore 1st Matured First Equity

Offshore AIF Onshore and money Oriented
Fund PMS paid back MF
WhiteOak Received Launched Launched to Completes Scheme Launch of
Capital was SEBI Investment 1st UCITS investors acquisition of GIFT City
founded registration Trust listed Fund in YES Asset Product
for PMS on London Europe Management
and Stock India
Advisory Exchange
services (LSE)

56
 Overview of Domestic Business
WhiteOak Capital AMC

• Launched first Equity NFO in August 2022, total AUM: ~US$ 2,290 Mn
• Performance backed by expanding product suite
Domestic Mutual • Empanelment with large wealth distributors, national retail distributors and banks
Fund • One of the fastest scale-up for a domestic mutual fund, crossing Rs 100bn in AUM
recently

Discretionary
Portfolio • PMS business transferred to AMC in April 2024
Management • Launched in Sep 2018; amongst the top 5 PMS by AUM, total AUM: ~US$ 567 Mn
Services (PMS) • Flagship strategy amongst top performers in peer group

White Oak Capital Management Consultants LLP

WhiteOak Capital Alternative Investment Funds (AIF) outside the AMC, group entity WhiteOak LLP, has AUM of
LLP ~US$ 368mn across four AIFs

57
Source: WhiteOak Capital. AUM data as on 30th April 2025. Please visit website of WhiteOak Capital Mutual Fund for details of total AUM.
 Expanding Footprint

Strong pan-India Robust Distribution

presence
• Empanelment with all major private and MNC banks
• 35 large wealth distributors
• ~70 Retail National Distributors
• ~22,000+ Mutual Fund Distributors
• ~310 Registered Investment Advisors
• 49 branches across 20 states

Granular Client Base1

• Number of unique investors: ~724k

• Number of unique investors outside metros: ~285k
• Number of live SIPs: ~456k
• Number of live SIPs outside metros: ~200k

Source: WhiteOak, Green dots represent WhiteOak office locations other than metros; 1 Categorised as B-30 or Beyond top 30 cities by SEBI; Map is for representative purposes only and is 58
not to scale. Data as on 30th April 2025.
 Evolution of Retail AMC Business
AUM of Retail AMC Business

US$mn Launch of
Quality Equity
2,500 Fund
Launch of Digital Bharat &
ESG Best in Class
INR
19,465
2,000
Crore

Launch of Flexi Cap Fund

1,500

Launch of Launch of Arbitrage Fund

Launch of
Large Cap and ELSS Fund Balanced Hybrid
1,000 Launch of
Launch of Special
Mid Cap Fund
Opportunities Fund
Launch of Thematic Funds
Launch of
500 Launch of Large & Midcap Fund
Multi Cap Fund
Launch of
Launch of Multi Asset Allocation Fund
0 Balanced Advantage Fund
Jul-23

Dec-23

Jun-24

Jul-24
Dec-22

Jun-23

May-24
Apr-24

Dec-24
Nov-22

Apr-23

May-23

Nov-23

Jan-24

Feb-24

Mar-24

Nov-24

Apr-25
Aug-22

Aug-23

Aug-24
Sep-22

Jan-23

Feb-23

Mar-23

Sep-23

Sep-24

Jan-25

Feb-25

Mar-25
Oct-22

Oct-23

Oct-24
59
Source: WhiteOak Capital. AUM data as on 30st April 2025.
 Assets Under Management or Advisory of the
WhiteOak Capital Group

Domestic Assets
~Rs. 27,917 Crore
($ 3.28 Billion)
36%

Total AUM of
International Assets
~Rs. 76,910 Crore
64% ~($ 9.04 Billion)
~INR 48,993 Crore
($ 5.76 Billion)

Indian Offshore % Indian Onshore %

60
Details as on 30st April 2025 (Approximate Numbers).